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A new analysis by IHS Markit suggests that achieving ambitious goals for a circular plastics economy may require reallocating investments from manufacturing to advanced recycling methods. The global plastics industry needs approximately $1.5 trillion to meet rising demand by 2050. Redirecting $300 billion of planned spending towards recycling could significantly enhance circularity. The report highlights a projected increase in global municipal solid waste to 3.7 billion metric tons by 2050, with plastics constituting around 12%. The shift necessitates global cooperation among stakeholders.
Marco Alverà, CEO of Snam, discusses the global energy crisis and the essential role of natural gas in a recent CERAWeek Conversations episode with IHS Markit's Daniel Yergin. Alverà emphasizes the need for increased investment in gas storage, highlighting significant production declines in Europe and rising demand from China. He advocates for using existing gas pipelines as 'forever infrastructure' to transport future fuels, including hydrogen. His comments reflect on the necessity of natural gas in transitioning to renewable energy, calling for strategic reserves and innovative solutions to manage energy volatility.
IHS Markit will host the India Energy Forum by CERAWeek from
IHS Markit Vice Chairman Daniel Yergin interviews XCoal Energy and Resources CEO Ernie Thrasher at CERAWeek Conversations, discussing the unprecedented rise in global coal prices, which have exceeded $500 per ton due to strong demand and supply shortages. Thrasher points to COVID-19-induced investment cuts in mining and geopolitical tensions affecting supply chains, such as China's import bans on Australian coal. He expresses concerns over potential energy shortages in the U.S. this winter due to limited coal availability.
On October 7, 2021, CARFAX announced a significant achievement with its Vehicle Recall Search Service (VRSS), having processed over 1 billion vehicle checks for unfixed safety recalls since its launch in March 2018. The tool aids consumers and entities in identifying open recalls, enhancing public safety. Currently, five states have adopted VRSS, revealing 11.1 million open recalls affecting nearly 70 million drivers. The collaboration aims to improve recall completion rates and increase awareness, with industry support highlighting the importance of vehicle safety repairs.
According to the Paychex | IHS Markit Small Business Employment Watch report for September, the Small Business Jobs Index reached 99.95, marking a 5.84% increase over the past year. Although job growth improved in summer, it slowed to 0.15% in September. Hourly earnings grew by 3.68%, the fourth consecutive increase, reaching $29.68. The leisure and hospitality sector leads in wage growth with an 8.14% increase. Texas has become the top state in job growth with an index of 102.90, surpassing Arizona.
automotiveMastermind, part of IHS Markit (NYSE: INFO), has launched strategic product expansions to address inventory challenges faced by dealerships due to ongoing microchip shortages. These enhancements will assist dealers in engaging customers and acquiring pre-owned inventory more effectively. With brand loyalty at a six-year low, Mastermind's platform now includes predictive marketing campaigns and personalized messaging capabilities, enabling dealers to better connect with buyers and facilitate pre-orders. The initiative aims to help dealers secure necessary inventory and maintain sales momentum.
IHS Markit reported strong Q3 2021 results with revenue reaching $1.181 billion, marking a 10% increase compared to Q3 2020. Net income was $161 million with diluted EPS of $0.40. Adjusted EBITDA was $516 million, up 6% year-over-year. Financial Services and Transportation segments showed notable growth with organic increases of 8% and 15%, respectively. The company raised its guidance for the year based on this strong performance, reiterating confidence in successful integration with S&P Global.
Francesco Starace, CEO of Enel, participated in CERAWeek Conversations, discussing the role of renewable energy in achieving a sustainable future. He emphasized large-scale investments in renewable infrastructure, aiming for 145,000 MW of capacity by 2030. Starace highlighted the importance of material science and digital advancements, the challenges posed by a skilled labor shortage, and financial innovations in sustainability bonds. He voiced optimism about the EU's ‘Fit for 55’ emissions target and expressed a collaborative outlook with traditional oil and gas companies entering the renewable sector.
CARFAX announced the retirement of CEO Dick Raines effective November 30, 2021, with Bill Eager set to take over on December 1, 2021. Raines, who has led the company for 30 years, highlighted CARFAX's strong position and innovative capabilities. Eager, who has been with the company for 17 years, expressed confidence in CARFAX's future, focusing on the brand's trust and data-driven solutions for the used car market. The company continues to evolve its offerings to enhance consumer confidence in buying used cars.
